The Ideal and Avon theaters are up for sale, and it’s not the first time.
Both theaters are on Main Street just two blocks apart. Only the Avon still shows movies. The buildings first hit the real estate market in mid-2022. Owner Jim Lane said he and his wife are ready to retire from managing the theaters, which has presented new challenges like having to compete with streaming services.
Listing agent MeriAnn Boxall said a prospective buyer canceled the purchase Friday, April 21.
“They were listed, under contract, and that fell through, and they're back on the market,” she said.
Jeremy Smith, the CEO and president of Community Lending Group, was that buyer. In February, he told city leaders he wanted to turn the Ideal Theatre into an arcade and entertainment center.
As recently as the Heber City council meeting April 18, Smith and the council strategized how to handle parking at the potential future business. And earlier in April, Smith posted surveys asking neighbors for their ideas for each theater.
Heber City Manager Matt Brower told KPCW Smith has pulled out of the deal but is still evaluating options. Smith didn’t respond to KPCW’s questions about his plans.
Boxall said new prospective buyers have shown interest since the contract fell through. She also hopes the city will consider buying the theaters as a way to create new attractions downtown. She suggests anyone who likes that idea reach out to City Hall or voice their support at public meetings.
Brower told KPCW the city does not have the fiscal capacity to buy the theaters at this time.
While the theaters were for sale as a package deal at first, they’re listed separately now.
The Ideal Theatre at 113 North Main Street has an asking price of $1.5 million. The Avon Theatre at 94 South Main Street is listed for $1.75 million.
